November 1, 2020

What are the biggest banking Challenges and Solutions for Cannabis businesses as they wait for federal legalization?

What are the biggest banking Challenges and Solutions for Cannabis businesses as they wait for federal legalization?

*Paid research by CannabisWellnessParty.com

There has been a positive development in the legal cannabis industry over the years as several states try to legalize cannabis. However, state-level gains have not made it easier for cannabis businesses to receive banks’ funding.

This is partly due to federal regulation, which has made banks unwilling to help fund cannabis companies. Some cannabis companies with access to banking facilities still face the hurdle of payments since big card networks refuse to work with them.

The cannabis industry is highly regulated, and payment challenges make it tough to thrive; hence there is the need to watch out for federal legalization to relax the regulations. Despite this challenge, there are some solutions proposed by innovative companies involved in the legal cannabis business.  

There is a Rapid Growth Being Experienced in the Legal Cannabis Market 

According to the new frontier data, it was anticipated that legal cannabis sales will near $30 billion by the year 2025. Also, there are 300,000 people in the United States whose livelihood directly depends on the cannabis industry. Yet, there are a lot of challenges posed by federal regulations despite the thriving industry.

Solutions for cannabis businesses as they await federal legalization:

No More Charges provides the option for merchants to utilize a cash discount program and charge a different price for cash versus credit card payments. This offsets the transaction fees for the merchant by collecting a percentage on every credit card payment. Nomorecharges.com provides you with access to programs and technology that makes this happen easily for you.

Contact Steve Cline at No More Charges 619-607-1088 

References

https://newfrontierdata.com/product/u-s-cannabis-report-2019-industry-outlook/

https://www.paymentsjournal.com/what-to-know-about-banking-and-payments-challenges-in-the-budding-legal-cannabis-industry/

https://www.wikileaf.com/thestash/despite-high-unemployment-rate-cannabis-is-still-hiring/